Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Tag Archives: VAT
Saudi Arabia steps into a new era with VAT
:: It is hoped that the levying of a value-added tax (VAT) from Monday will power the Kingdom’s march toward progress and prosperity. The tax is imposed by Saudi Arabia and the UAE within the framework of a unified agreement
No VAT on expat remittances in Saudi Arabia, say bankers
:: Senior bankers clarified on Sunday that money sent home by expatriate workers will not be taxed under the value-added tax (VAT) reform initiative to be launched by the Saudi government on Jan. 1 next year. It was also announced
Certain medicines, medical equipment exempted from VAT in Saudi Arabia
:: The 5 percent value-added tax (plan) will not be imposed on certain medicines and medical equipment, according to Reuters citing a statement carried by Saudi Press Agency (SPA) on Saturday. All other private health care services will be taxed
No VAT on loans, ATM services, says Saudi tax authority
:: The General Authority of Zakat and Tax (GAZT) on Wednesday confirmed that interest or lending fees charged with an implicit margin for finance will be exempt from value-added tax. The authority clarified that interest or lending fees charged on
Saudi VAT impact on consumers
:: The introduction of value-added tax (VAT) next year will directly impact the prices of commodities and services, analysts said. “The price increase will reduce the demand for goods, and this will have a negative effect on companies, most of
General Authority for Zakat and Income gears up on mutual agreements with ministries to enforce VAT
:: The General Authority for Zakat and Income (GAZI) is geared to sign a cooperation deal with the Ministry of Municipal and Rural Affairs following similar agreements with the Ministry of Labor and Social Development and the Customs Department in
Saudi VAT enforcement: 55 days to go as businesses urged to follow new rules
:: All businesses have been advised to make sure they understand the new rules on value-added tax (VAT) and be ready for their application on Jan. 1, 2018, which is in 55 days. The General Authority of Zakat & Tax
IMF: Gulf States still committed to VAT but dates will vary
:: All six countries in the Gulf Cooperation Council remain committed to introducing value-added tax, though they will do so at different speeds, a senior International Monetary Fund official said. “My feeling, through my interaction with the authorities, is that
UAE excise tax to be effective from October 1
:: The UAE’s Ministry of Finance has said that the excise tax law will be effective from October 1 in the country. “The tax shall impact all excise goods consumed inside the country, including all the country’s free zones and
Expert: Implementation of VAT will help streamline UAE revenue streams
:: UAE President Shaikh Khalifa Bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and
Egypt’s economy shows positive signs but big risks remain
By : Dr. Naser al-Tamimi :: Egypt has many advantages that theoretically qualify it to become one of the most important economic success stories in the Middle East. These include a strategic geographic, a significant regional influence despite its decline
Riyadh condemns Israeli settlements
The Saudi Cabinet has condemned a move by Israel to approve new settlements in the occupied Palestinian territories. The announcement last week of 2,500 new housing units in the West Bank marked one of the largest such construction drives in
Saudi Cabinet approves VAT measure
The Saudi Cabinet approved on Monday the Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year. In a session chaired by King Salman at the Al-Yamamah Palace in Riyadh, the
Gulf plans to roll out value-added tax in 3 years
Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on Monday. The agreement was reached at a meeting of representatives from Gulf ministries a few
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